Ops Italia S.p.a · MIL:OPS
Ops Italia — Eems — Q2 2006 Earnings Presentation
16 slides from Ops Italia's earnings presentation, Aug 4, 2006
Slide 1: 2Q '06 Financial Results
2Q ’06 Financial Results August, 4th 2006 1
Slide 2: Key Points
Key Points Total Revenues: €35.3m, increased by 42,7% vs. 2Q05 Ebitda: €11.5m, increased by 22.6% vs. 2Q05 2°Q06 Results Ebit: €2.4m, increased by 12,3% vs. 2Q05 Net Income: €2.0m vs. a €0,2m net loss of 2Q05 Asian revenues 16,7€ mm with an increase of 60% vs. 1Q06 China plant capacity growing month
Slide 3: Key Financial Results 2Q '06
Key Financial Results 2Q ‘ 06 € mln 2Q ’ 06 YoY YoY Highlights Reported Reported Recurring* Revenues 35,3 42,7% 42,7% ? USD Revenues 44 mm. 12% up vs 1Q06 ? Asian activities’ Revenues & Ebitda growing Ebitda 11,5 22,6% 33,3% month after month Ebitda Margin 32,7% -5.4pp -2.4pp ? ASP profile as expect
Slide 4: Financial performance
Financial performance Revenue Growth (€ million) Significant growth with revenues up +42,1% 42,7% vs. Q2 05 68,3 Number of unit billed (assembly only) 48,1 +42,7% +17% vs. Q106 35,3 Chinese plant volume at 10mm 24,7 units/month Ongoing additional expansion in Asia Starting of MSLP assembly activitie
Slide 5: Financial performance
Financial performance EBIT (€ million) +42,5% 4,7 Ebit up over 12,3% 3,3 +12,3% Organic Growth up over 62,8% 2,4 Additional D&A for €2.1 mm vs. Q205 as 2,2 a result of Asian Capex and DDR2 transition in Italy 1H05 1H06 2Q05 2Q06 Net Income (€ million) Increase in Net Income despite : 2,0 Exchange ra
Slide 6: Bridge Analysis – EBITDA
Bridge Analysis – EBITDA Ebitda Bridge Analysis (€mm) +22,6% 3,1 12,3 11,5 -0,8 9,4 9,2 -0,2 Organic Growth +33,3% 2Q '05 Exchange 2Q '05 Organic Growth 2Q '06 Organic Exchange 2Q '06 rate Impact rate Impact 6
Slide 7: Bridge Analysis - EBIT
Bridge Analysis - EBIT Ebit Bridge Analysis (€mm) +12,3% 1,2 3,2 2,4 2,2 -0,8 2,0 -0,2 Organic Growth +62,8% 2Q '05 Exchange 2Q '05 Organic Growth 2Q '06 Organic Exchange 2Q '06 rate impact rate impact Additional increase in D&A as a result of more than 44€ mm capex (ytd) 7
Slide 8: Operating cash flow
Operating cash flow Operating cash flow (€mm) 1H06 operating cash flow reconciliation (€mm) 18,4 43,9 -6,5 27,3 0,7 9,9 -4,5 9,9 1,8 2005 1H05 1H06 Net Income D&A NWC Employee Others OCF severance indemnities Decrease in NWC as a result of Revenue’ s strong growth and reimbursement of customer advan
Slide 9: Capex
Capex Key financial data – CAPEX 1Q ‘ 06 Eems Suzhou 2Q ‘ 06 Eems Test Eems Italy 38,2 55,0 8,6% 9,8% 57,0% 21,2% 43,0% 44,3 20,2% -10,7 12,2% 11,3% 70,2% 12,5% 16,8 70,0% 76,5% 17,9% 69,6% Q1 06 Q2 06 1H 06 Intercompany Total 9
Slide 10: Capital structure
Capital structure Development of capital structure (€mm) Net debt as of June 30, 2006 (€mm) Net Equity 148,1 Total financial debt : € 49.3 mm 15,0 84,0 84,8 15,6 18,6 2005 1H05 1H06 -52,9 -3,6 NFP 22,1 -2,1 -3,6 Lease Cash and Net ST debt LT debt liabilities equivalents Cash Proceeds from IPO: €77.8
Slide 11: Shareholding structure
Shareholding structure Mallett Management Fidelity Marshall Wace Free float 39,7% 44,1% 4,1% 3,4% 8,8% Total shares outstanding equal to 41,143,850 (July 2006) Management has been locked up (12/24 months) since IPO 6 months lock up for Mallett since Ipo Source: Consob information - July 2006 11
Slide 12: Appendix
Appendix 12 [SEEMS
Slide 13: 2Q 06 Financial highlights
2Q 06 Financial highlights Key financial data – Group P&L (in thousands of Euro) 2Q ’06 2Q ‘05 Net sales 34.950 24.192 Other income 356 548 Total revenues and other income 35.306 24.740 Raw materials and other 11.963 5.390 Services 3.779 2.690 Labor 7.198 7.199 Other operating expenses 832 55 Ebitda
Slide 14: 1H 06 Financial highlights
1H 06 Financial highlights Key financial data – Group P&L (in thousands of Euro) 1H ’06 1H ‘05 Net sales 67.684 47.443 Other income 632 618 Total revenues and other income 68.316 48.061 Raw materials and other 20.668 10.804 Services 7.241 5.177 Labor 15.981 14.509 Other operating expenses 1.261 193
Slide 15: Financial highlights – Group BS
Financial highlights Key financial data – Group BS (in thousands of Euro) 30.06.2006 31.12.2005 NON-CURRENT ASSETS Intangible assets: - Goodwill 11.254 3.274 - Intangible assets with a defined useful life 276 280 Tangible assets: - - Property, plant and equipment, net 141.175 119.828 - Asset held hu
Slide 16: Financial highlights – Group CF
Financial highlights Key financial data – Group CF (in thousands of Euro) 30.06.2006 30.06.2005 Net income (loss) 1.799 106 Adjustment to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 18.394 13.726 Provision for employee severance indemnities